THE BUCKLE, INC. REPORTS SECOND QUARTER NET INCOME
KEARNEY, NE -- (BUSINESS WIRE) -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended August 3, 2024 was $39.3 million, or $0.79 per share ($0.78 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended August 3, 2024 decreased 3.4 percent to $282.4 million from net sales of $292.4 million for the prior year 13-week fiscal quarter ended July 29, 2023. Comparable store net sales for the 13-week fiscal quarter ended August 3, 2024 decreased 6.6 percent from comparable store net sales for the prior year 13-week period ended August 5, 2023. Online sales decreased 15.2 percent to $37.0 million for the 13-week fiscal quarter ended August 3, 2024, compared to net sales of $43.6 million for the 13-week fiscal quarter ended July 29, 2023.
Net sales for the 26-week fiscal period ended August 3, 2024 decreased 5.3 percent to $544.9 million from net sales of $575.3 million for the prior year 26-week fiscal period ended July 29, 2023. Comparable store net sales for the 26-week period ended August 3, 2024 decreased 7.7 percent from comparable store net sales for the prior year 26-week period ended August 5, 2023. Online sales decreased 14.2 percent to $81.4 million for the 26-week period ended August 3, 2024, compared to net sales of $94.9 million for the 26-week period ended July 29, 2023.
Due to the 53rd week in fiscal 2023, comparable store net sales for the quarter and year-to-date periods are compared to the 13-week and 26-week periods ended August 5, 2023.
Net income for the second quarter of fiscal 2024 was $39.3 million, or $0.79 per share ($0.78 per share on a diluted basis), compared with net income of $45.6 million, or $0.92 per share ($0.92 per share on a diluted basis) for the second quarter of fiscal 2023.
Net income for the 26-week fiscal period ended August 3, 2024 was $74.1 million, or $1.49 per share ($1.48 per share on a diluted basis), compared with net income of $88.6 million, or $1.79 per share ($1.78 per share on a diluted basis) for the 26-week period ended July 29, 2023.
Management will hold a live audio webcast at 10:00 a.m. EDT today to discuss results for the quarter. To register for the live event, please visit https://buckle.zoom.us/webinar/register/WN_wgdrgn2oR764cUMOxJG06g. A replay of the event can be accessed through Buckle’s investor relations website within twenty-four hours after the conclusion of the live event (https://corporate.buckle.com/investors/earnings-webcasts).
About Buckle
Buckle is a specialty retailer focused on delivering exceptional service and style through unforgettable experiences. Offering a curated mix of high-quality, on-trend apparel, accessories, and footwear, Buckle is for those living the styled life. Known as a denim destination, each store carries a wide selection of fits, styles, and finishes from leading denim brands, including the Company’s exclusive brand, BKE. Headquartered in Kearney, Nebraska, Buckle currently operates 440 retail stores in 42 states. As of the end of the fiscal quarter, it operated 440 stores in 42 states compared with 440 stores in 42 states at the end of the second quarter of fiscal 2023.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors which may be beyond the Company’s control. Accordingly, the Company’s future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
Note: News releases and other information on The Buckle, Inc. can be accessed at www.buckle.com.
Financial Tables to Follow
THE BUCKLE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
August 3, 2024
July 29, 2023
August 3, 2024
July 29, 2023
SALES, Net of returns and allowances
$
282,392
$
292,428
$
544,872
$
575,262
COST OF SALES (Including buying, distribution, and occupancy costs)
149,858
154,016
291,641
303,593
Gross profit
132,534
138,412
253,231
271,669
OPERATING EXPENSES:
Selling
70,742
68,737
134,468
134,839
General and administrative
13,532
12,914
28,107
26,339
84,274
81,651
162,575
161,178
INCOME FROM OPERATIONS
48,260
56,761
90,656
110,491
OTHER INCOME, Net
3,733
3,693
7,487
6,832
INCOME BEFORE INCOME TAXES
51,993
60,454
98,143
117,323
INCOME TAX EXPENSE
12,738
14,814
24,045
28,747
NET INCOME
$
39,255
$
45,640
$
74,098
$
88,576
EARNINGS PER SHARE:
Basic
$
0.79
$
0.92
$
1.49
$
1.79
Diluted
$
0.78
$
0.92
$
1.48
$
1.78
Basic weighted average shares
49,854
49,513
49,854
49,513
Diluted weighted average shares
50,221
49,875
50,197
49,868
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS
August 3, 2024
February 3, 2024 (1)
July 29, 2023
CURRENT ASSETS:
Cash and cash equivalents
$
287,266
$
268,213
$
275,583
Short-term investments
21,856
22,210
23,714
Receivables
7,698
8,697
9,675
Inventory
131,418
126,290
136,074
Prepaid expenses and other assets
20,962
18,846
10,181
Total current assets
469,200
444,256
455,227
PROPERTY AND EQUIPMENT
500,236
489,037
475,997
Less accumulated depreciation and amortization
(360,903)
(360,200)
(356,737)
139,333
128,837
119,260
OPERATING LEASE RIGHT-OF-USE ASSETS
292,194
280,813
251,978
LONG-TERM INVESTMENTS
26,984
24,993
23,616
OTHER ASSETS
12,560
10,911
11,466
Total assets
$
940,271
$
889,810
$
861,547
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
62,820
$
45,958
$
54,261
Accrued employee compensation
24,478
49,827
22,357
Accrued store operating expenses
26,124
19,067
26,533
Gift certificates redeemable
13,214
16,667
12,960
Current portion of operating lease liabilities
79,583
85,265
80,664
Income taxes payable
—
4,672
—
Total current liabilities
206,219
221,456
196,775
DEFERRED COMPENSATION
26,984
24,993
23,616
NON-CURRENT OPERATING LEASE LIABILITIES
248,424
230,141
204,620
Total liabilities
481,627
476,590
425,011
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,773,796 shares at August 3, 2024, 50,445,186 shares at February 3, 2024, and 50,445,926 shares at July 29, 2023
